Hørmaz's hopes reduce oil gains Brent drops below $90
Oil prices declined today after reaching their highest levels since the end of July, amid developments regarding talks between Oman and Iran about the future of navigation in the Strait of Hormuz. Qatar stated that negotiations have reached an advanced stage, but a final agreement has not yet been reached, as Iran links reopening the strait to conditions that include compensation and the lifting of sanctions, which the United States supports. Despite these statements indicating progress in the negotiations, the market remains cautious. Brent prices fell by 0.57% to $87.22, while U.S. crude recorded a drop to $81.77.
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